The rise and fall of a petrostate

Venezuela is experiencing hyperinflation

Consumer prices in the country have risen at a fairly quick rate since 1983, but a series of policy miscalculations, falling oil prices, and other factors have sparked extreme levels of inflation since 2017, with citizens losing faith in the value of the national currency.

Lessons from the 1973 energy crisis still echo in today’s geopolitical battles over oil

The video from the Economist highlights how energy supply disruptions can be weaponized—just as in 1973, today’s gas cutoffs (Russia throttling supplies to Europe after their invasion of Ukraine) reveal the ongoing importance of strategic energy resilience.

Trace the rise of oil: from early drilling to today’s global power

This animated map video vividly illustrates how petroleum shaped global politics and industry—from 18th-century uses and 19th-century drilling booms in North America to today’s OPEC strategies, shale revolution, and geopolitical oil influence.

See a timeline that shows how volatile oil prices have been for decades, from OPEC-led embargoes in the 1970s and shale surges in the 2000s to the US flipping to become a net oil exporter in 2020.

Oil shocks, war, and the 1970s crisis that remade American energy and economics

The oil crises of the 1970s—fueled by Middle East conflict and OPEC's dominance—triggered inflation, price controls, and policy failure. But they also accelerated fracking, alternative energy, and the rise of free-market economics.

Visualize the global Venezuelan diaspora

This visualization maps Venezuela’s mass diaspora, showing how millions have fled abroad—primarily to Latin America, with significant flows to the US and Europe—creating one of the most significant displacement crises in the world.

As of 2024, the nation with the largest proven oil reserves is Venezuela

According to estimates derived from available geological and engineering data, the South American country possesses about 303 billion barrels of underground crude oil, followed by Saudi Arabia (267.2 billion) and Iran (208.6 billion). Many of the largest reserves are held by members of the Organization of the Petroleum Exporting Countries.

Breaking down Europe's reliance on Russian energy (preinvasion)

One side effect of the Russian-Ukraine conflict is how it underscored European dependence on Russian natural gas and oil. This article, published days before the Russian attacks, outlines and illustrated how much gas and oil flows from Russia to Europe and the potential for either side to use sanctions to get what they want.

Critical mineral production may lift impoverished regions out of poverty

Mineral wealth can provide public revenue and economic livelihoods to those in mining regions. However, poor management and lack of oversight can cause human rights abuses, environmental degradation, and significant greenhouse gas emissions.

Why Haiti is in crisis

Haiti’s crisis is decades in the making. Burdened by colonial debt, political instability, and economic collapse, the country faces worsening conditions. Gangs now control much of Port-au-Prince, hunger has reached near-famine levels, and violence continues to escalate. Here’s how Haiti got here—and what’s happening now.

Explore a timeline of US dependence on crude oil from 1850 to 2023

Oil dependence began with the rise of oil as a commodity, followed by an era of geopolitical competition for the resource after World War II. The domestic fracking boom, which started around 2006, was driven by a desire to reduce the nation's dependence on international adversaries for energy.

Oil's legacy: fueling industrial growth and shaping imperial strategies

This episode of The Rest Is History podcast traces oil's pivotal role—from fueling industrial growth to steering imperial power. It also examines how access to oil shaped US politics, World War II, and sparked the creation of OPEC following the Suez Crisis.

Embargoes and economic mismanagement have pushed Cuba into its worst crisis in decades

For more than 60 years, Cuba has been pressured by two forces—the US economic embargo and its own government's repression and mismanagement. NPR's Throughline podcast explains how both contributed to today's blackouts, food shortages, and mass exodus.

Iran's 1979 revolution sparked a second oil shock—and reconfigured global energy markets.

Learn about what causes economic bubbles, including how forces like cheap credit, soaring optimism, and feedback loops push asset prices far beyond fundamentals—until a single shock triggers panic, selling, and a rapid collapse.

Unless prices of fossil fuels rise significantly, their production is expected to slow

US oil and natural gas production skyrocketed from 2000 to 2020, largely due to advances in fracking. However, weak global energy prices have prevented this boom from translating into increased profits for fossil fuel companies.

How drug trafficking undermines West Africa

The rise of drug trafficking is undermining institutions, public health, and development efforts in West Africa. According to the West African Commission on Drugs, civil wars have receded, democracy has gained ground, and economies are growing in...

The 1973 oil embargo by OPEC inspired advances in alternative energy technology

The shortages imposed by the Organization of Petroleum Exporting Countries (OPEC) created a global energy crisis and economic instability after the Arab-Israeli War. This led to investments in green technologies and improvements in automobile fuel efficiency and manufacturing.

Oil prices spiked when Russia invaded Ukraine in 2022

The price of a barrel of Brent crude experienced volatility in the early 2020s. This chart shows price spikes at the beginning of the pandemic and again when Russia invaded Ukraine.

In the 1970s, the US experienced a period of stagflation

It was characterized by high inflation, slow economic growth, and high unemployment. The crisis was triggered by a combination of factors, including loose monetary policy that spurred excess demand and spiraling oil prices caused by an OPEC embargo in 1973.

How organized crime took over post-Soviet Russia

After more than seven decades of Soviet communism, the collapse of the system in the early 1990s opened a path for organized crime to take over the country's newly-privatized industries. As Vladimir Putin centralized power in the subsequent decades, he did not vanquish the mafia, but rather tamed it. This long read explores the subtle, complex ways organized crime flourishes within Putin's state.

Stablecoins could give people in high-inflation economies access to stronger currencies

Specifically, stablecoins could provide a way to make sure these funds remain valuable during times of volatility. Some examples of people without access to the US dollar using stablecoins as a store of value have been observed in Venezuela.

Economic stagnation and the arms race pushed the USSR toward collapse

By the 1980s, chronic economic stagnation and soaring military costs forced Gorbachev to launch sweeping reforms—perestroika and glasnost—to revive the Soviet system. Instead, openness fueled independence movements across the republics, accelerating the regime’s rapid downfall.

Why stories about helium 'running out' indicate market volatility rather than scarcity

Only a few locations on Earth contain natural gas reserves with sufficiently high helium concentrations to make their extraction commercially viable, and geopolitical conflicts in these areas significantly affect helium production. This makes cost a major impediment to helium availability, particularly for scientific research, amid growing demand and ongoing depletion of reserves that took billions of years to form.

OPEC often intervenes to influence the price of oil

This guide explains how investing in oil works with in-depth explanations of each of the forces that control oil’s price. Oil is unique as a commodity in part because of OPEC’s role in regulating its price.

The rise of Vladimir Putin

Vladimir Putin's rise has been unprecedented. Over the years his actions have taken him from being a spy in East Germany to president of Russia. Learn more about his rise to power and the means by which he achieved it in this brief yet thorough nine-minute video.

The US stores hundreds of millions of oil barrels in caves along the Texas-Louisiana coast

The US has a Strategic Petroleum Reserve that it taps into, releasing barrels into the economy, during times of emergency (think: major storms and wars) to try to stabilize markets.

Beyond oil, the Iran war has pushed up costs on fertilizer, prescriptions, and mortgages.

Explore a series of articles on the costs of critical mineral extraction

The acquisition of critical minerals—essential materials for clean energy technologies—has often been accompanied by harm to water supplies, natural ecosystems, and Indigenous lands, raising questions about the overall benefit of these technologies.

The role stories play in mass economic trends like bitcoin, crashes

Economics is dominated by numbers, but stories play a huge role in the emotional shifts seen within macroeconomic trends. For example, bitcoin is not just a cost-benefit winner, but a compelling tale of decentralization and independence. This is a 20-minute summary of Nobel prize-winning economist Robert Shiller's "Narrative Economics."

BP only makes up about 1% of global oil production after many missteps

BP’s market cap has never recovered from the dive it took following the 2010 Deep Water Horizon oil spill. This video details some of BP’s corporate missteps along the way.

A podcast unpacking Pakistan’s political turmoil

Pakistan has been immersed in political crises for over 20 years. Despite being one of the world’s few nuclear powers, Pakistan’s internal instability has caused experts to question whether the country is, in fact, a failed state. Deep divisions...

OPEC's 1973 embargo sparked the first global energy shock.

The venture capital mindset is shaping the US into a 'portfolio state'

For decades, the US has operated as a low-regulation, private-sector-driven, globalized economy (also known as neoliberalism). In recent years, the Trump administration has taken direct stakes (rather than providing subsidies) in private companies with strategic products like semiconductors and rare earths. This paper argues the approach allows the US to capture the upside of growth.

Chile, Argentina, and Bolivia hold more than 75% of the world’s supply of lithium

Despite the dependence of phones, laptops, electric cars, and other technologies on the soft, silvery-white metal for their batteries, residents of the Lithium Triangle have not seen the benefits of investments into mining this critical mineral, and have instead faced water shortages and pollution.

How key commodities have performed since 2019, visualized

Due in part to factors such as the COVID-19 pandemic and global supply chain issues, commodities experienced significant volatility from 2019 to 2025. For instance, coffee bean prices saw major swings in recent years due to climate challenges in countries including Brazil and Vietnam.

An eye-opening interactive journey into the global drug trade

POPPY Interactive reveals how drug money destabilizes entire countries, fuels global conflicts, and allows a worldwide illegal economy to grow. Navigating the site involves diving into three major routes—the Northern Route, the Balkan Route, and...

TerraUSD offers a cautionary tale of stablecoin use

This stablecoin was completely wiped out in May 2022, losing investors roughly $40B in value, when its linked support token, LUNA, collapsed in value, triggering a spiral that wiped out the dollar peg and left both tokens essentially worthless within days. TerraUSD's creator was sentenced to 15 years in prison in 2025. (Some users may experience a paywall.)

Fracking brought short-term wealth and long-term collapse to Rock Springs, Wyoming

In the early 2000s, the fracking boom transformed the quiet mining town into a hub of oil field laborers with plentiful job opportunities. Once the boom faded and industry left, unaffordable housing, unsafe working conditions, and drug epidemics left many residents with no prospects amid a disappearing way of life.

How armed groups became embedded in Haitian politics

This six-minute video explores the relationship between Haitian politics and armed gangs. As recently as June 2023, Haiti did not have a single elected official left in office; The 2021 assassination of Haitian President Jovenel Moïse and the...

History shows what’s wrong with the idea that war is ‘normal’ in the Middle East

An old trope claims that war is ‘normal’, innate, and inevitable in the Middle East. However, the history of the region reveals complex and civilized systems of coexistence. Empires found economic and political strength in fostering diversity;...

Fracking has led to an increased global oil supply, contributing to lower oil prices

Fracking technology has significantly increased how much crude oil the US produces. As more countries adopt fracking technology, there could be an increased downward pressure on prices—although fracking has been widely criticized for its negative environmental impacts.

Saddam Hussein invaded Kuwait to seize its oil amid Iraq’s debt crisis

This video explores how economic pressures—like rising debt and oil disputes—combined with political ambitions pushed Iraq, under Saddam Hussein, to invade Kuwait on August 2, 1990, triggering the Gulf War.

Explore a timeline tracing the Soviet Union’s collapse from 1985 to 1991

This interactive webpage charts the USSR’s final years—from Gorbachev’s rise to the 1991 dissolution—using infographics, key quotes, and profiles of prominent political figures to explain how the Soviet state unraveled, and Russia emerged in its place.

How the Arab Spring engulfed the Middle East – and changed the world

The Arab Spring engulfed the Middle East, unleashing consequences that still shape the world today. In 2011, the Arab Spring began with protests in a small Tunisian city. Those protests led to an era of uprisings and civil war in the Arab world,...

Drug trafficking, violence, and politics in Northern Mali

Drug trafficking in northern Mali is fueling unparalleled regional violence and instability. In Mali, smuggling narcotics is not only a way armed groups gain funds, but also a source of conflict in itself. According to the International Crisis Group...

China is the world’s largest importer of crude oil

China is pushing to reduce its reliance on US oil to limit geopolitical vulnerabilities. It’s rapidly becoming the world’s renewable energy superpower.

Hear about the US role in the Cuban Revolution—and the blowback it caused

Against long odds, Fidel Castro launched a socialist revolution just 90 miles from the US and kept it alive for decades. This 10-part podcast traces Washington's pivot from early support to an obsessive campaign of sabotage and hundreds of alleged assassination plots.

Oil markets are seeing higher costs and lower prices amid tech breakthroughs

Experts say oil demand has not yet reached its peak. Recent technological breakthroughs in the oil industry include advances in drilling and extraction, as well as subsurface technologies.

Some experts argue that Russia was never effectively integrated into the rules-based order after 1991

This piece argues that Russia's difficult relationship with the IMF and World Bank in the 1990s—characterized by economic shocks and perceived Western condescension—helped shape Moscow's later hostility toward the liberal order.